|
|
|
MIRA INFORM REPORT
|
Report No. : |
502125 |
|
Report Date : |
07.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
CLEARTRIP PRIVATE LIMITED (w.e.f. 28.06.2012) |
|
|
|
|
Formerly Known
As : |
CLEARTRIP TRAVEL SERVICES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Unit No. 001, Ground Floor, DTC Building, Sitaram Mills Compound, N M
Joshi Marg, Lower Parel, Mumbai – 400011, Maharashtra |
|
Mobile No.: |
91-9595333333 (Ms. Deepa) |
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|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
12.05.2005 |
|
|
|
|
Com. Reg. No.: |
11-153232 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 2855.440 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U63040MH2005PTC153232 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCC6016B |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is into online travel business providing online travel booking facility for train bookings, Air Bookings (Domestic and International) and Hotel Bookings, Ticket Bookings and packages. (Registered Activity) |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
B |
|
Credit Rating |
Explanation |
Rating Comments |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Cleartrip Private Limited is engaged in online travel-related
services, including booking of domestic / international flights, hotels, bus
tickets and railway. The company was incorporated in the year 2005 and is based
in Mumbai, Maharashtra. Cleartrip Private Limited operates as a subsidiary of “Cleartrip
Inc.”, Mauritius. It is having moderate track. For the financial year ended 2017, the company has registered huge
accumulated losses which has resulted in partial erosion of its networth. The rating is also constrained by relatively nascent stage of
operations in the hotel ticketing segment and intense competition in the
airline ticketing segment. However, the rating weakness is partially offset by (CPL) established
market position in the online air-ticketing segment. Trade relations are reported as fair. Business is active. Payments
terms are reported as slow but correct. The company can be considered for business dealings with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating = (BB+) |
|
Rating Explanation |
Moderate risk of default. |
|
Date |
March, 2017 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = (A4+) |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
March, 2017 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2018.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 07.04.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DENIED BY
|
Name : |
Ms. Deepa |
|
Designation : |
Office Executive |
|
Contact No.: |
91-9595333333 |
|
Date : |
06.04.2018 |
LOCATIONS
|
Registered Office : |
Unit No. 001, Ground Floor, DTC Building, Sitaram Mills Compound, N M Joshi
Marg, Lower Parel, Mumbai – 400011, Maharashtra, India |
|
Tel. No.: |
Not Available |
|
Mobile No.: |
91-9595333333 (Ms. Deepa) |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Bangalore Office : |
1st Floor, Suraj Ganga Soft Park, Potential House, 3rd Phase, J.P.
Nagar, Bangalore – 560078, Maharashtra, India |
|
|
|
|
Gurugram Office : |
312-316, 3rd Floor, Vipul Agora Building, Next to Sahara Mall, M.G.
Road, Gurugram – 122002, Haryana, India |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Stuart Richard Nairn Crighton |
|
Designation : |
Managing Director |
|
Address : |
K-73, F/F, Hauz Khas Enclave, New Delhi 110016, Maharashtra, India |
|
Date of Birth/Age : |
28.02.1970 |
|
Qualification : |
Graduate in Business |
|
Date of Appointment : |
01.04.2016 |
|
PAN No.: |
ACHPC1108L |
|
DIN No.: |
00276524 |
|
|
|
|
Name : |
Mr. Sridar Arvamudhan Iyengar |
|
Designation : |
Director |
|
Address : |
85, Fair Oaks Lane, Atherton –CA94027 US |
|
Date of Birth/Age : |
13.08.1947 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
29.01.2010 |
|
PAN No.: |
AACPI7514D |
|
DIN No.: |
00278512 |
|
|
|
|
Name : |
Mr. Sandeep Murthy |
|
Designation : |
Director |
|
Address : |
The Imperial, 4105, 41st Floor, North Block B B, Nakashe Marg, Mumbai 400034 Maharashtra, India |
|
Date of Birth/Age : |
22.11.1976 |
|
Qualification : |
MBA ,Bachelor in Science |
|
Date of Appointment : |
26.02.2008 |
|
PAN No.: |
ANEPM8465E |
|
DIN No.: |
00591165 |
|
|
|
|
Name : |
Mr. Mohanjit Singh Jolly |
|
Designation : |
Director |
|
Address : |
Villa 100A, Sobha Malachite Jakkur Plantation, Yellakanka, Hobli, |
|
Date of Birth/Age : |
12.11.1969 |
|
Date of Appointment : |
20.09.2008 |
|
DIN No.: |
01816801 |
|
|
|
|
Name : |
Kyle Ray Sugamele |
|
Designation : |
Director |
|
Address : |
9105, SE 57th Street, Mercer Island, Washington, 98040,
United States of America |
|
Date of Birth/Age : |
14.08.1942 |
|
Date of Appointment : |
26.09.2014 |
|
DIN No.: |
03163858 |
|
|
|
|
Name : |
Mr. John Theodore Torrey |
|
Designation : |
Director |
|
Address : |
221, |
|
Date of Birth/Age : |
31.10.1972 |
|
Date of Appointment : |
26.05.2011 |
|
DIN No.: |
03535384 |
|
|
|
|
Name : |
Francis Joseph Pelzerv |
|
Designation : |
Director |
|
Address : |
1556 77th PL NE Medina WA 980393125 US |
|
Date of Appointment : |
30.09.2016 |
|
DIN No.: |
05353787 |
|
|
|
|
Name : |
Mr. Michael Lloyd Eberhard |
|
Designation : |
Director |
|
Address : |
4519 191ST PL NE Sammamish Washington 98074 US |
|
Date of Appointment : |
27.06.2017 |
|
DIN No.: |
07839245 |
|
|
|
|
Name : |
Adam Julian Goldstein |
|
Designation : |
Additional Director |
|
Address : |
75, Sharon St Sanfrancisco 94114 US |
|
Date of Birth/Age : |
22.01.1988 |
|
Date of Appointment : |
13.12.2017 |
|
DIN No.: |
08022582 |
|
|
|
|
Name : |
Timothy Scott Macdonald |
|
Designation : |
Additional Director |
|
Address : |
220, Waverly Way Kirkland 98033 US |
|
Date of Birth/Age : |
04.08.1970 |
|
Date of Appointment : |
13.12.2017 |
|
DIN No.: |
08022743 |
KEY EXECUTIVES
|
Name : |
Mr. Mukesh Narayan Tank |
|
Designation : |
Secretary |
|
Address : |
1304, Building No. 350, Shrusti, Sector No. 3, Phase 2 Kalpataru Complex, Mira Road Thane - 401107 , Maharashtra, India |
|
Date of Appointment : |
15.03.2016 |
|
PAN No: |
ACTPT5373L |
|
|
|
|
Name : |
Samyukth Sridharan |
|
Designation : |
Manager |
|
Address : |
E-83, Richmond Park, DLF City IV, Gurugram – 122009, Haryana, India |
|
Date of Appointment : |
07.09.2016 |
|
PAN No.: |
AFJPS1339A |
|
|
|
|
Name : |
Ms. Deepa |
|
Designation : |
Office Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Cleartrip Inc, Mauritius |
|
285544027 |
|
Cleartrip Inc, Cayman |
|
1 |
|
Total |
|
285544028 |
Note: Cleartrip Private Limited has 2 corporate entities (Foreign Companies) as its members.
Cleartrip Private Limited is a subsidiary of Cleartrip Inc, Mauritius which in turn is the subsidiary of Cleartrip Inc, Cayman Islands.
Equity Share Break up (Percentage of Total Equity)
As on 29.09.2017
|
Category |
Percentage |
|
Promoters (Body corporate) |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is into online travel business providing online travel booking facility for train bookings, Air Bookings (Domestic and International) and Hotel Bookings, Ticket Bookings and packages. (Registered Activity) |
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Products/ Services : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : (As on 2016) |
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Facilities : |
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Auditors : |
|
|
Name : |
BSR and Company LLP Chartered Accountants |
|
Address : |
5th Floor, Lodha Excellus, Apollo Mills Compound, N. M. Joshi Marg, Mahalakshmi, Mumbai - 400011, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAAFB9852F |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding company : |
Cleartrip Inc., Mauritius |
|
|
|
|
Ultimate Holding
Company : |
Cleartrip Cayman Islands, Cayman Islands |
|
|
|
|
Fellow Subsidiary
Company : |
Cleartrip MEA FZ LLC, United Arab Emirates |
|
|
|
|
Enterprises which
are owned, or have significant influence of or are partners with Key
management personnel and their relatives : |
U67100MH2013PTC249707 |
CAPITAL STRUCTURE
After 29.09.2017
Authorised Capital : INR 3100.000
Issued, Subscribed & Paid-up Capital : INR 3049.214
Million
As on 29.09.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
310000000 |
Equity Shares |
INR 10/- each |
INR 3100.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
285544028 |
Equity Shares |
INR 10/- each |
INR 2855.440
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
2855.440 |
2564.108 |
2397.450 |
|
(b) Reserves and Surplus |
(2588.198) |
(2270.632) |
(1817.721) |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
267.242 |
293.476 |
579.729 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long-term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
31.975 |
23.306 |
14.238 |
|
Total Non-current
Liabilities (3) |
31.975 |
23.306 |
14.238 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
851.567 |
979.086 |
574.792 |
|
(b) Trade
payables |
722.884 |
687.059 |
687.616 |
|
(c) Other
current liabilities |
961.050 |
676.142 |
297.193 |
|
(d) Short-term
provisions |
6.228 |
5.580 |
1.434 |
|
Total Current
Liabilities (4) |
2541.729 |
2347.867 |
1561.035 |
|
|
|
|
|
|
TOTAL |
2840.946 |
2664.649 |
2155.002 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
75.490 |
94.257 |
61.454 |
|
(ii) Intangible Assets |
160.949 |
159.214 |
138.514 |
|
(iii) Tangible assets capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term loans and advances |
302.104 |
329.244 |
278.663 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
538.543 |
582.715 |
478.631 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade
receivables |
302.852 |
265.751 |
182.611 |
|
(d) Cash and
bank balances |
1406.263 |
1231.157 |
1100.236 |
|
(e)
Short-term loans and advances |
589.262 |
568.936 |
382.743 |
|
(f) Other
current assets |
4.026 |
16.090 |
10.781 |
|
Total
Current Assets |
2302.403 |
2081.934 |
1676.371 |
|
|
|
|
|
|
TOTAL |
2840.946 |
2664.649 |
2155.002 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
2655.434 |
2572.142 |
1921.462 |
|
|
Other Income |
76.694 |
76.993 |
75.117 |
|
|
TOTAL |
2732.128 |
2649.135 |
1996.579 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
0.000 |
0.000 |
0.000 |
|
|
Purchases of
Stock-in-Trade |
0.000 |
0.000 |
0.000 |
|
|
Employee benefit expense |
663.920 |
713.297 |
515.162 |
|
|
Other expenses |
2393.426 |
2314.386 |
1398.611 |
|
|
TOTAL |
3057.346 |
3027.683 |
1913.773 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
(325.218) |
(378.548) |
82.806 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
127.615 |
97.947 |
133.693 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(452.833) |
(476.495) |
(50.887) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
180.696 |
169.525 |
242.549 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(633.529) |
(646.020) |
(293.436) |
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(633.529) |
(646.020) |
(293.436) |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
(2.24) |
(2.69) |
(1.27) |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
(53.384) |
(331.409) |
29.218 |
|
Net cash flow from operating activity |
(79.762) |
(365.727) |
(25.514) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
41.63 |
37.71 |
34.69 |
|
|
|
|
|
|
Account Receivables Turnover ( Income / Sundry Debtors) |
8.77 |
9.68 |
10.52 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
(1.38) |
(1.49) |
0.41 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.89 |
0.88 |
0.72 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
3.19 |
3.34 |
0.99 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
9.51 |
8.00 |
2.69 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.88 |
0.86 |
0.34 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
(2.55) |
(3.86) |
0.62 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin [(PAT / Sales)
* 100] |
% |
(23.86) |
(25.12) |
(15.27) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
(22.30) |
(24.24) |
(13.62) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
(237.06) |
(220.13) |
(50.62) |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
0.91 |
0.89 |
1.07 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.91 |
0.89 |
1.07 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.09 |
0.11 |
0.27 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
0.30 |
0.38 |
0.24 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
0.91 |
0.89 |
1.07 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
2397.450 |
2564.108 |
2855.440 |
|
Reserves & Surplus |
(1817.721) |
(2270.632) |
(2588.198) |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
579.729 |
293.476 |
267.242 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
574.792 |
979.086 |
851.567 |
|
Total
borrowings |
574.792 |
979.086 |
851.567 |
|
Debt/Equity
ratio |
0.991 |
3.336 |
3.187 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
1921.462 |
2572.142 |
2655.434 |
|
|
|
33.864 |
3.238 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
1921.462 |
2572.142 |
2655.434 |
|
Profit/ (Loss) |
(293.436) |
(646.020) |
(633.529) |
|
|
(15.27
%) |
(25.12
%) |
(23.86
%) |
LEGAL CASES
|
Bench:- Bombay |
||||||||
|
Presentation Date:- 15/05/2017 |
||||||||
|
Lodging No. : |
ITXAL/1191/2017 |
Failing Date:- |
15/05/2017 |
Reg. No.:- |
|
Reg. Date:- |
31/10/2017 |
|
|
Petitioner:- |
THE PR. COMMISSIONER OF INCOME TAX -6 |
Respondent:- |
CLEARTRIP
PRIVATE LIMITED |
|||||
|
Petn.Adv:- |
A R MALHOTRA (I3164) |
|||||||
|
District:- |
MUMBAI |
|||||||
|
Bench:- |
DIVISION |
|||||||
|
Status:- |
Pre-Admission |
Category:- |
TAX APPEALS |
|||||
|
Next Date:- |
22/05/2018 |
Stage:- |
FOR ADMISSION - FRESH |
|||||
|
Coram:- |
ACCORDING TO SITTING LIST ACCORDING TO SITTING LIST |
|||||||
|
Last Date:- |
10/11/2017 |
Stage:- |
FOR ADMISSION - FRESH |
|||||
|
Last Coram:- |
HON'BLE SHRI JUSTICE A.S. OKA HON'BLE SHRI JUSTICE A. K. MENON |
|||||||
|
|
|
|||||||
|
Act. : |
Income Tax Act, 1961 |
Under Section 260A |
||||||
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
NOTE: The registered office of the company has been shifted from “126-New Mahalaxmi Silk Mills, Mathurdas Mill, Compound, N.M. Joshi Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India” to the present address w.e.f. 06.08.2008
BACKGROUND
The Company was incorporated as a private limited company on 12 May 2005. The Company is an online travel management company which provides its customers an opportunity to book airline tickets, train tickets and hotel accommodations through its online web portal. On 31 March 2006, the Company, pursuant to a share purchase agreement between ClearTrip Inc., Mauritius and the shareholders of the Company, became a wholly owned subsidiary of ClearTrip, Inc. (Mauritius). ClearTrip, Inc. (Mauritius) is a wholly owned subsidiary of ClearTrip Inc. Cayman Islands (Ultimate holding company).
INDEX
OF CHARGES
|
Charges Registered |
|||||||
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Amount |
Address |
|
1 |
C71583355 |
10607350 |
RBL BANK |
29/10/2015 |
- |
150000000.0 |
One India Bulls Centre, Tower 2B,6th Floor,
841 Senapati Bapat Marg, Lower Parel Mumbai MH 400013 IN |
|
2 |
G07088206 |
10536702 |
YES BANK LIMITED |
10/12/2014 |
23/06/2016 |
634000000.0 |
9TH FLOOR,NEHRU CENTRE,DISCOVERY OF INDIA,
DR.AB ROAD, WORLI, Mumbai MH 400018 IN |
|
3 |
C79028148 |
10502989 |
HDFC BANK LIMITED |
15/04/2014 |
28/09/2015 |
200000000.0 |
Trade World, 2nd Floor, Kamala Mills
CompoundSenapati Bapat Marg, Lower ParelMumbaiMH400013IN |
|
4 |
C73834681 |
10396191 |
KOTAK MAHINDRA BANK LIMITED |
21/12/2012 |
22/08/2015 |
300000000.0 |
27BKC, C 27, G BlockBandra Kurla Complex, Bandra
(E),MumbaiMH400051IN |
|
5 |
B11172582 |
10283921 |
Allahabad Bank |
20/04/2011 |
- |
150000000.0 |
35-41, Hotel Hiramani CompoundDr. Ambedkar
Road, ParelMumbaiMH400012IN |
|
6 |
B01317940 |
10258430 |
Axis Bank Limited |
26/11/2010 |
- |
200000000.0 |
Jeevan Prakash BuildingSir P M Road ,
FortMumbaiMH400001IN |
FIXED ASSETS
- Furniture and fixtures
- Vehicles
- Office equipment
- Computer equipments
- Leasehold improvements
WEBSITE DETAILS
NEWS/ PRESS RELEASES
FINTECH STARTUP DIGIT
INSURANCE PARTNERS WITH CLEARTRIP
13.02.2018
Bengaluru: Fintech startup Digit Insurance announced its partnership with travel company Cleartrip to launch a one-of-its-kind travel insurance.
The announcement was made on February 12.
The insurance offers travelers benefits like coverage for 75 minutes of flight delay, loss of checked-in baggage, and paperless claims, amongst other benefits.
Committed to making claims simple and seamless, Digit has introduced a two-step paperless claims process.
For instance, if a flight is delayed, the customers receive an SMS, they click a photograph of their boarding pass and get the credit in their account of choice, instantly.
"We wanted to increase the relevance of the domestic travel insurance product and hence designed benefits that customers can actually experience. For instance, customers know they are covered for flight delays but don't know the condition of a six hours delay, which rarely happens. Or that they can claim if they lose their baggage but aren't aware that they must furnish bills of the items inside their baggage for that. We have turned all these perceived benefits into actual ones," said Digit chief distribution officer, Jasleen Kohli.
"We have tried to eliminate the friction at the time of claims through our paperless process. And we have already sold more than 15,000 policies within six weeks of launch," Kohli added.
"It is refreshing to work with a partner who uses data to analyse trends and create the most useful travel product that's out in the market. The approach goes one step further by enabling a seamless claims process that makes the customer claim journey frictionless. For the first time Cleartrip and Digit offer a travel insurance product that offers meaningful coverage and the claim ratio stands testament to the customer benefits," said Cleartrip chief product officer, Subramanya Sharma.
The product features include a personal accident cover of upto INR 10 lakh for accidental death and disability, and a benefit of upto INR 2 lakh for emergency accidental treatment.
It also provides a benefit of upto INR 20,000 on trip cancellation due to personal emergency and a benefit of INR 3,000 on missed connection due to a delay in the previous flight.
Moreover, one can claim a benefit of INR 2000, if the arrival of their checked-in bag is delayed by more than two hours. Most of the travel products in the market, offer this for a delay of more than six hours, which is rare.
One can also avail a benefit of INR 10,000 on the total loss of checked-in baggage.
What's more? A flight delay for a minimum of 75 minutes comes with a benefit of INR 1,000. One can avail an instant credit in this case.
CLEARTRIP EYES 50%
CUSTOMER ACQUISITION THROUGH 'LOCAL'
07.03.2017
Online travel portal Cleartrip is looking to drive half of its new customer acquisition through its ‘Local’ unit over the next three years, as younger customers seeking weekend experiences get converted into travellers.
Cleartrip believes that Local could contribute up to 20 per cent of the company’s overall revenues in the same time, and will help lower the cost of acquiring high-paying travel customers. Over the past eight months, it has seen over 20 per cent customers of Local buy into some sort of travel offering, with over 80 per cent of them being new customers.
“If it (Local) can get to 20 per cent revenue contribution in three years, I’d be very happy. What it does for Cleartrip is, even though it’s just 20 per cent of the revenue, at a customer acquisition level it’ll be closer to 50 per cent,” said Subramanya Sharma, chief marketing officer at Cleartrip.
With the average traveller in India making just two trips a year, portals such as Cleartrip have had to spend huge money on advertising and marketing to retain users. Local however provides customers with a constant use case, helping lower marketing costs and in turn drive revenues for discovering local activities.
Sharma says the market for travel and local experiences - food and beverage, shows and activities, is roughly the same size. However, given the smaller ticket sizes of Local, the addressable market is ten times larger. Cleartrip is now looking to tap these set of young users to cross-sell travel and build loyalty so that they become its regular customers in the future.
While Local was intended to expand Cleartrip’s revenue base and increase the stickiness of its service at times when customers were not travelling, the company soon realised it was tapping a largely new base of customers too. The average age of a customer making a travel booking on the platform is 35, users of Local are far younger at just 25.
“The TG (Target Group) for local is 10 years younger than the general travel TG. So that’s an interesting outcome and it has some interesting long-term implications,” added Sharma. “With the kind of activities we’ve onboard though, we’ve seen that cross-sell is beginning to happen.”
India’s online travel space has seen a price war in the past 12-18 months with large players such as MakeMyTrip and ibibo began slugging it out to win market share, while also fending off an attack from new and well-funded competition such as Oyo Rooms. With consolidation of MakeMyTrip and ibibo, and returning sensibilities among younger players, there’s now hope of reduced discounting which will allow players in the space to make money.
In the year that ended March 2016, Cleartrip’s losses more than doubled to INR 646.000 Million from INR 290.000 Million in the previous year, while revenues grew by 32 per cent to INR 2540.000 Million in FY16. Sharma, however, refutes that the company’s losses grew more on account of international expansion than from discounting.
In the current financial year, Cleartrip’s revenue growth could be in the range of 40-45 per cent, with losses again being attributed to expansion of its business and investments in Local. However, returning sensibilities in India’s online travel market could just see Cleartrip becoming Ebita (Earnings before interest, taxes, and amortisation) positive, but Sharma declines to share a specific timeline on when this could happen.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 64.98 |
|
|
1 |
INR 90.95 |
|
Euro |
1 |
INR 79.51 |
INFORMATION DETAILS
|
Information Gathered
by : |
PNM |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SUD |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with moderate
risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on secured
terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.